This new legal requirement emphasizes the importance of ensuring that the foreign supplier’s invoice is received and booked prior to recovering VAT on import, which was not previously a legal requirement. For goods in particular, the invoice may be received after the actual import of goods, making it crucial to monitor this process carefully. A thorough reconciliation of the values automatically populated in Box 6 of the VAT return for import VAT incurred on imported goods and strong governance around this aspect of compliance is essential.
Source: gccfintax.com
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